Philippine Deposit Insurance Corporation Official Website

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PHILIPPINE DEPOSIT INSURANCE CORPORATION

Deposits are insured by PDIC up to P1 million per depositor

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FREQUENTLY ASKED QUESTIONS

1. What is the Philippine Deposit Insurance Corporation (PDIC)?

2. What are PDIC’s public policy objectives?

3. What are the functions of PDIC?

4. What are PDIC’s responsibilities as deposit insurer?

5. What are PDIC’s responsibilities as a co-regulator of banks?

6. What are PDIC’s responsibilities as receiver of closed banks?

AS DEPOSIT INSURER

7. What is PDIC’s maximum deposit insurance coverage?

8. What is an insured deposit?

9. Which financial institutions are members and not members of PDIC?

10. What types of deposits are insured and not insured by PDIC?

11. Are deposits in foreign branches of Philippine banks insured by PDIC?

12. What specific risks to a bank does PDIC cover?

13. Shall the depositor pay any insurance premium to PDIC?

14. How is insurance coverage determined?

15. Can PDIC insurance coverage be increased by having several accounts in the same name in an insured bank?

16. If I have deposits in several different insured banks, will my deposits be added together for insurance purposes?

17. Is there a need for a depositor to file his claim for insured deposit with PDIC?

18. When should depositors of a closed insured bank file their claims with PDIC?

19. What happens when the depositor of a closed bank fails to file his claim within the 24-month period?

20. How long does it take PDIC to settle a claim for insured deposit?

21. What processes are involved before PDIC starts servicing claims?

AS CO-REGULATOR OF BANKS

22. How does PDIC coordinate with the BSP and other financial regulators?

23. Does PDIC issue regulations to banks?

24. How does PDIC prevent fraud/scams related to banking?

AS RECEIVER OF CLOSED BANKS

25. If the deposit account in a closed bank is more than ₱1 million, what happens to the excess of the maximum amount of insured deposit?

26. What happens to the loan payments collected by PDIC from borrowers of closed banks?

27. Why does PDIC conduct asset disposal for closed banks?

AS AN ADVOCATE OF FINANCIAL LITERACY

28. What is PDIC’s advocacy for its corporate social responsibility?

PDIC is a government instrumentality created in 1963
by virtue of Republic Act 3591, as amended, to insure
the deposits of all banks. PDIC exists to protect
depositors by providing deposit insurance coverage for the depositing public and help promote financial stability. PDIC is an attached agency of the Bangko Sentral ng Pilipinas.

Questions? Need Help? Click Frequently Asked Questions Trunkline.: (632) 8841-4000
Hotline: (632) 8841-4141
(for Metro Manila clients)
Fax No.: (632) 8841-4085
Email: pad@pdic.gov.ph
Client outside Metro Manila may call
Toll Free: 1-800-1-888-7342 or
1-800-1-888-PDIC